Paul Hastings, a leading global law firm, announced today that it represented First Gen Corporation (“First Gen”), the largest vertically integrated power producer in the Philippines, in its US$360 million acquisition of BG Group’s (“BG”) power assets in the Philippines. First Gen’s wholly-owned subsidiary, Blue Vulcan Holdings Corp., acquired the entire outstanding capital stock of Lisbon Star Management Limited, a company incorporated in the British Virgin Islands, through which BG owned 40% stakes in the 1 GW Santa Rita combined-cycle natural gas-fired power plant, the 400 MW San Lorenzo combined-cycle natural gas-fired power plant and the corporate vehicle for the development of the San Gabriel power project.
The parties signed the Share Purchase Agreement and achieved completion of the transaction on May 30, 2012. Following the acquisition, First Gen will beneficially own 100% of the Santa Rita, San Lorenzo and San Gabriel power projects.
Paul Hastings previously advised First Gas Power Corporation in relation to the US$544 million refinancing of the Santa Rita power project. The deal was awarded “Asia-Pacific Refinancing Deal of the Year 2008” by Project Finance Magazine.
This transaction involved multi-jurisdictional support from lawyers in our Hong Kong and London offices. The Paul Hastings Hong Kong team was led by partner Patricia Tan Openshaw, with support from associates Cristina Uy-Tioco, Josefina Bautista, Adrian James and Charles Kim. The London team was led by partner Arun Birla, assisted by associates Jiten Tank and David Mallett.
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